India and EU aim to expedite FTA negotiations, collaborate on WTO issues for balanced outcomes

India and the European Union (EU) have expressed their commitment to advancing Free Trade Agreement (FTA) negotiations and working together on World Trade Organization (WTO) issues, marking a significant advancement in the bilateral trade relationship.

The issues were discussed in a bilateral meeting between Union Minister for Commerce & Industry Piyush Goyal and Executive Vice-President of the European Commission responsible for an Economy that Works for People and the European Commissioner for Trade Valdis Dombrovskis.

Meeting ahead of the first Ministerial Meeting of the India-European Union Trade and Technology Council (TTC), they reflected on their long-standing alliance and emphasized the necessity of working together to strengthen it in light of their shared commitment to democracy and rule-based international systems.

"They emphasised the need for expediting the ongoing FTA negotiations by finding convergence on all issues after due consideration to mutual sensitivities including on market access for balanced and meaningful outcomes that would support the economies and employment on both sides," the Ministry of Commerce and Industry said on Tuesday (May 16, 2023).

Furthermore, both sides reaffirmed their commitment to working together on WTO-related issues and emphasized the value of arriving at consensus-based solutions, including a permanent solution on public stock holdings.

They stressed how this approach will help millions of people in India as well as other developing nations by promoting food security and sustainable livelihoods. The leaders expressed optimism that their joint efforts would yield meaningful solutions at the upcoming WTO Ministerial Conference.

After the bilateral discussion, Goyal and Dombrovskis co-chaired a meeting of Working Group 3 stakeholders. Participants at the conference included representatives from the EU and India. Working Group 3 focuses on trade, investment, and resilient supply chains, reflecting the shared interest in strengthening economic cooperation between India and the EU.